The Saudi Ministry of Housing has launched programs and initiatives in order to achieve the Vision 2030 and National Transformation Plan’s (NTP) objectives.
The ministry aim to create opportunities for citizens to own property, improve the real estate sector performance and increase development.
One of the programs aim to solve the many challenges in the rental market, as rental properties make up half of the country’s housing sector. THey aim to create a safe and sustainable housing environment for residents.
The ministry’s objective is to achieve the NTP’s objective to increase property ownership to 52 per cent.
The ministry has signed deals with banks, financial institutions and real-estate developers, locally and internationally, to help provide housing for the needy.
There are currently 46 projects underway, providing 13,793 housing units in the Riyadh, Makkah, Sharkiyah, Qasim, Jawf and Baha areas.
The ministry are also establishing infrastructure to provide water, roads, lighting, gardens and spaces for schools and other projects in these areas.